Some things I've seen say that they have (but given their lack of cited resources, I'm not able to automatically take them for true), and other things I've seen have said that the announcement was supposed to have been made in early 2012. I guess since it's still only February that "early 2012" isn't over yet...but I guess I'm feeling a little impatient.
I read on Dutch teletext that it was cancelled. They generally don't put stuff on there that hasn't been confirmed, so I'd say it's cancelled. Wikipedia also says it's cancelled, but they're looking for a new network to pick it up for season two.
It was cancelled on Fox however due to international popularity, they're trying to find a cable network to put it on. It started strong but then they threw in a few worthless "filler" episodes. Then all the delays and postponements due to baseball also didn't run in the show's favor. I think the father/son conflict was getting corny but the end of the finale did pique my interests.. I wanna know where that ship came from and what's in the badlands!